Today we are going to explain some of the best banks for international student loans in Canada. How students can get a loan and how they can open a bank account in Canada. Moreover, this post will help people about which Canadian bank is offering loans to international students.
Once students enter Canada they need access to good banking services with Canadian financial institutions. Because finance becomes their first priority from tuition fees to accommodation. But new students faced many hurdles in finding a good bank for financial support.
While Canada-based institution services can be different from your home country but the concept is almost the same. In this post, we have described Canada’s best bank for international students in 2023.
International students loans in Canada
Once you are selected by a Canadian school, you can easily apply for a student loan. International students can easily get loans for educational costs, food, housing, and other educational supplies. When you go for loans the lender will look at your academic success and career. They also consider your home country and the school details you attend. They do not take any decision on your credit history or that of a cosigner.
Affordable financing is very important for international students in Canada. Because with bank account they can easily send money in your home country currency to back home. So international students must have to choose the bank account which offers them the best services.
5 best banks for international student loans Canada
Each bank has different features and services. Here we are going to explain to you the best banks for international student loans. All those banks work country-wide, so you don’t need to worry about physical access. You can use their nearby branches or ATMs. Those banks will provide the best packages to international students which is great news. Let’s check an exclusive list of the top popular banks for student financing in Canada.
Services of CIBC:
- No-fee GIC Program for international students.
- Free SPC membership.
- CIBC’s Global Money Transfer
- CIBC’s Refer-a-friend Program
CIBC is one of the oldest banks in Canada which comes with 1100 branches. They are providing their services in Canada for 150 years. This is the best choice for international students in Canada because they have great packages for students. In the early years, they were offering free ban accounts to students. And allow them to use e-transfers and do transactions as much as they want without any monthly charges.
Thus, CIBC also doesn’t ask for an annual fee credit card. And allow students to apply for a credit card without any cash deposit or credit history. On the other side, many banks ask international students to deposit cash for applying for a credit card. BUT CIBC offered all services without charging extra money. The best thing about CIBC is to provide you with travel or cashback rewards which you can use on food or school items.
services of BMO:
- Free e-transfer
- Free transactions are limited to 30/per month.
- No monthly fees or hidden charges.
- Free credit card.
- SP Card is also free and used for discounts country-wide.
BMO is another great choice for international students. The thing about BMO bank is they are partners with Western Union which can be very useful for students in Canada. Internation students can send money oner 200 countries via the BMO money transfer service.
Students can also get free banking from BMO while studying and for a year after graduation. They are also able to get a free SP Card which can be used in hundreds of stores with super discount deals
Services of Scotiabank:
- Free credit card.
- Free e-cards and debit transactions.
- No monthly charges.
- Enjoy free movie tickets with SCENE® debit and credit card.
Scotiabank is the third largest bank in Canada and comes with up to 2600 branches worldwide. This bank has an amazing program for international students and makes student life easier in Canada.
Although, you will find banking procedures easier with Scotiabank. Because they offered a free account with no monthly or hidden charges. It also offered free debit transactions and e-cards to its customers. And best package for Scotiabank is the Cineplex SCENE® program. So if you are a movie lover simply signup with a SCENE® visa card and enjoy free movie tickets.
Services of RBC
- Get a $2000 credit with your credit card.
- Support the GIC program for international students.
- No monthly charges at Petro-Canada.
- Free ATM access.
- Unlimited e-transfer without paying a fee.
- During your study enjoy a free banking account.
RBC is another great choice for international students. Because this bank provides you regular access to cash and ATMs during your stay in Canada for study. This bank provides you with free ATM access which makes student life easier.
Moreover, they do not ask you for monthly fees for the first year once you meet to student bank account eligibility. And if you want a credit card, just got and apply for the credit card without providing a credit history. You also can enjoy shopping free on Amazon or take a free cup of coffee at Starbucks with the RBC rewards program. RBC also has a limited number of monthly transactions like 25 per month and costs a piece $1. which is quite not a good feature for students. But overall it’s a great option for international students in Canada.
Services of Tangerine:
- No annual fees
- Gives you unlimited 2% cashback on all purchases.
- Free cheques.
- Unlimited e-transfer, and debit transactions.
- Access to all other 44,000 bank ATMs worldwide.
Tangerine is one of the great online banks in Canada. This bank has money-back credit cards for students without annual charges. You also can get a 2% unlimited cashback on your all purchases in different categories. It is also one of the high-interest saving accounts for the student which provides reliable rates in the country.
You also find this bank very simple and easy to use. This bank offered their customers to enjoy the fastest way of depositing a cheque. You can deposit cheques online, just take a cheque picture, enter the required details and your cheque is deposited into your account.
Quick baking Tips for International Students in Canada
Checkout the list of banking requirements that you have to check before opening a student bank account in Canada:
- No fee credit card
- No annual charges
- Free all transactions and e-transfer
- No maintenance fee
- Free access to ATMs
- Give you rewards and discounts
How do open a bank account in Canada for International Students?
Opening a student bank account in Canada is not as tough as we think. All banks really support their students and facilitate them in a very good way. Before opening an account, connect with their customer support to book an appointment with the bank to confirm your account setup.
Checkout the list of documents that you required while opening a bank account:
- Government issues IDs, such as your passport or driver’s license on a Canadian base.
- Temporary resident visa TRV or study permit IMM 1442.
- Enrollment proof in a Canadian post seconder school program, like you, have your student ID card, tuition bill copy, acceptance letter, or any other thing related to your school program.